Precision Drilling Posts Bigger Loss, Hurt by Weak Activity
July 21 (Reuters) – Canadian rig contractor Precision Drilling Corp posted a bigger quarterly loss, hurt by the lowest drilling activity in decades as oil producers slash spending.
The company's loss increased to C$57.7 million ($44.3 million), or 20 Canadian cents per share, for the second quarter ended June 30, from C$29.8 million, or 10 Canadian cents per share, a year earlier.
Revenue more than halved to about C$164 million. ($1 = C$1.3038)
(Reporting by Amrutha Gayathri in Bengaluru; Editing by Savio D'Souza)
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- Precision Drilling Reports Smaller-Than-Expected Loss (Oct 27)
- Precision Drilling Posts Bigger Loss, Hurt by Weak Activity (Jul 21)
- Canadian Energy Earnings Hint at Brighter Outlook for Oil (Jul 21)